Nigeria: GTBank records an increase in Profit Before Tax for the fiscal year

2017/09/09

Guaranty Trust Bank (GTB) has recorded an 18 % increase in Profit Before Tax (PBT) for the fiscal half-year that ended on June 30, 2017. The bank, in a statement, said its PBT rose from N85.69 billion in 2016 to N101.1 billion in 2017.

The financial performance presented to the Nigerian and London Stock Exchange showed the bank’s loan book dipped by six % from N1.590 trillion recorded as at December 2016 to N1.491 trillion in June 2017 with a decrease in customer deposit by one % to N1.966 trillion from N1.986 trillion in December 2016.

The bank’s gross earnings for the period grew by two % to N214.1 billion from N209.9 billion in June 2016; driven primarily by increase in investment securities gain inclunding gain from risk assets.

According to the statement, it closed the half-time– June 2017 – with Total Assets and Contingents of N3.75 trillion and Shareholders’ Funds of N538 billion. On the backdrop of this result, Return on Equity (ROAE) and Return on Assets (ROAA) stood at 38.8 % and 6.4 % respectively. The bank proposed an interim dividend of 30 kobo per ordinary share of 50 kobo each for the period that ended June 30, 2017.

Managing Director of the bank, Mr. Segun Agbaje, who said that the result showed positive increase across all key financial metrics and improved strategic positioning of the brand, stated: “Our strong performance in the initial half of 2017 reflects the strength of our businesses, the quality of our completed decisions and the success of our efforts towards becoming a digital-initial customer-centric bank that offers simple and easily accessible products and services.”

2017/11/11
Nigeria is moving forward with strategies to improve the business and investment environment in the country following the launch of a new package of reforms designed to support small businesses and clear hurdles to increase.
On October 3 the federal government unveiled its second 60-day national action plan (NAP 2.0) – which forms part of the broader Economic Recovery and Increase Plan 2017-20 – aimed at increasing levels of employment, boosting GDP and facilitating business expansion.
Targets of the NAP 2.0 include the adoption of electronic registration processes for new businesses; the registration of 300 microfinance banks to the national registry to assist with SME financing; and the elimination of illegal roadblocks on major trading routes across the country.

2017/11/11
Relationships are very significant within the business community. Meetings typically open with a handshake, followed by a casual conversation about family, health and travel. In the Muslim north, wait for a woman to extend her hand before offering yours. The business discussion begins at the host’s indication.
DRESS: Business formal is the required dress code for foreigners in any type of conference, while locals tend to opt for either Western or traditional attire. In a lot of work spaces, Nigerians will wear traditional garments on Fridays. Appearance is generally very significant and indicative of social and economic status.

2017/11/01
President Alhasan Quattara of Cote d'voire on Monday in Abuja commended President Muhammadu Buhari for taking Nigeria out of recession.
Mr. Quattara gave the commendation at the same time as he addressed National Home correspondents next a closed-door conference with Buhari at the Presidential Villa.

2017/11/01
The National Competitiveness Council of Nigeria (NCCN) has highlighted the stark gender inequality within the country's labour force. Speaking to journalists, yesterday, next a round-table discussion on competitiveness, NCCN's CEO, Chika Mordi, while explaining the findings of a new statement to be released by his councik on Thursday, said female participation in the labour force of some Nigerian states was less than two %.
"Even though we expected some gender skewering, we did not expect it to be of that magnitude," he said.
However, some elements of the statement, Mordi said, were positive.

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